Understanding the New Mexico Residential Landlord and Tenant Act

Under the New Mexico Residential Landlord and Tenant Act, a late fee can only be imposed after the expiration of a grace period or when rent is past due.

A late fee cannot exceed more than 10% of the rent that is due for that specific period, so a $1,000 rent would have a maximum late fee of $100.

Returned check fees may also apply if a payment is returned NSF. Here are some other key points you'll want to know.

1. New Mexico Requires Rent To Be Paid In All Agreements.

Some older leases in New Mexico do not stipulate a specific rent that must be paid monthly.

In this circumstance, the state requires tenants to pay the fair market rental value to the landlord on the first day of each week for weekly renters or the first day of the month.

2. Landlords Are Not Required To Supply Appliances.

Under the law, appliances include stoves, dishwashers, air conditioners, refrigerators, and swamp coolers in addition to washers, dryers, and other common items.

Landlords that do provide appliances must keep them in good working order, while tenants have a responsibility to care for them properly.

3. Pet Fees And Deposits Are Allowed Except For Service Animals.

Landlords are permitted to charge a pet fee, which can be a lump sum or a monthly amount, and a pet deposit if they allow pets at their property.

Service animals are considered part of a tenant's medical care and must be allowed.

4. Damage Deposits Can Only Be Equal To One Month's Rent Without Interest.

Landlords are permitted to charge certain fees, such as a holding deposit, to make sure a tenant takes possession of a rental unit.

As for a damage deposit to provide financial security, a landlord can only charge what is equal to one month of rent.

Larger deposits are allowed for written leases of 12 months or more, but also require the landlord to pay interest on the full deposit for as long as the landlord keeps it.

The biggest issue in New Mexico is damage claims to a security deposit. Many tenants receive no deposit back even though they've caused no damage.

It is important to understand what constitutes normal wear and tear before signing a lease to avoid any confusion. That way the residential landlord and tenant act in New Mexico can be applied fairly in all situations.

Posted on Apr 11, 2016


Most Important Landlord Tenant Laws in Texas

When it comes to having a tenant for the first time, it can be pretty daunting because you are going to be the corresponding landlord and a new relationship will emerge, which will need time to grow... More

The Landlord Tenant Board: What it is and When it is Needed

Many times, there are issues between a landlord and a tenant that need to be resolved but are failed to do so, because both parties have gone too far with their actions, and have retaliated in the... More

The Landlord Tenant Laws in California

The landlord and tenant laws in California are literally the same as they are in any other state. These laws, rules and regulations are put into practice because they uphold an order, a discipline,... More

Understanding the Landlord Tenant Laws in Illinois

People are aware that there are different rulings in each state with reference to the landlord/tenant laws. The state of Illinois also has a set of laws. These rules and regulations are basically... More

How to Create a Residential Lease Agreement

Where there is a landlord, there will also be a tenant, and it is no surprise that these two parties can only work together once there is some sort of agreement, contract or a binding deal in place.... More

The Best Sites for Rental and Lease Agreement Templates

Many landlords find it difficult to write and draft a lease agreement. Since every State has its own general template, it can also be difficult to make sure your lease agreement meets all the criteria... More

The Landlord Tenant Act: What Landlords Need to Know

All landlords know that before they can formally become a landlord there are a lot of things they need to understand. Landlords and tenants cannot act as such without any legal bodies involved. That... More

The Best Landlord Associations for Landlords to Join

If you’re a landlord and want to manage your business in a better way, you should endeavor to get in touch with those industry experts who have the experience and the skills to help you do it. This is... More

Essential Tenancy Agreements that a Landlord Should Have

When entering into an agreement with a potential tenant, a landlord needs to fully understand the contract that binds them into the specific relationship of being a landlord and a tenant. Now that the... More

Landlord Rights

If you’re currently considering the option of offering one of your properties for rental purposes, you should first educate yourself about the landlord tenant relationship. For the first timers, it’s... More